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2027 Forecast | Plumbing Components Market Growing at 5.6% CAGR and Expected to reach $78.21 billion
Plumbing Components Market
Surge in renovation of non-residential and residential bathrooms and toilets, and rise in construction of offices and malls across the globe drive the growth of the global plumbing components market. However, fluctuations in prices of raw material restrain the market growth. Furthermore, increase in infrastructure development activities in African countries is expected to provide new growth opportunities for the market player in the near future.
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Covid-19 scenario:
The manufactrurers across the globe have slow down their production, owing to disrupted supply and shortage of raw materials amid lockdown.
Decline in new construction activities in developing nations and halting of ongoing projects amid outbreak of Covid-19 has impacted the market.
The report offers a detailed segmentation of the global plumbing components market based on product, end-user, application, and region.
Based on product, the pipes segment contributed to the largest share in 2019, accounting for 91% of the total share, and is estimated to maintain its dominant position during the forecast period. However, the fittings segment is estimated to portray the highest CAGR of 7.3% during the forecast period.
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Based on end-user, the residential segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the non-residential segment is expected to register the highest CAGR of 6.0% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 6.9% from 2020 to 2027.
Leading market players analyzed in the research include Central States Industrial, Aalberts N.V. (Lasco Fittings), McWane, Inc., Finolex Industries Ltd., Mueller Industries, Morris Group (Acorn), McWane, Inc., NupiIndustrieItaliane S.p.A., Mueller Industries, Turnkey Industrial Pipe & Supply Inc, and Reliance Worldwide Corporation Ltd.
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